On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the commodity.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
XAU/USD short-term forecast
As for the near future, the yellow metal's price could continue to fall within the following trading session. The possible target for bearish traders will be near the 1680.00 area.
However, if the precious metal breaks the 55– hour simple moving average resistance level at 1735.5, a surge towards the 1780.00 level could be expected within this session.
Hourly Chart
XAU/USD daily charts review
Given that the XAU/USD exchange rate has rebounded from the four months low, buyers are likely to drive the commodity higher during this week's trading session. The potential target for bullish traders will be near the 55- day simple moving average at 1824.00.However, the yellow metal could encounter resistance near the 1760.00 within this week's trading sessions.
Daily Candle Chart
Traders are bullish on XAU/USD
On Tuesday, the sentiment on the Swiss Foreign Exchange was 70% long.
On Tuesday, the market sentiment changed, as 70% of the volume was long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 77% to buy the precious metal.